Circuit City to Shut Down

Circuit City Inc. has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise, according to CNN Money.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "We were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."


Circuit City's liquidation sale will begin Saturday and run until March 31, pending court approval. The web site and call center cease operations Jan. 18th.

George Whalin, president and CEO of Retail Management Consultants notes that there's still a very slim chance that a firm could still buy it out of bankruptcy in the next few days.

The Circuit City website is currently down with a message saying that the site is being updated with new products and special offers.